P, 2A In its first year ofbusiness, Chal Board purchased land, abuilding, and equipment on Mchs 2016. for $650,000 in total. The land was valued at $275,000, the building at $343,750, and the equipment at Additional information on the depreciable assets follows: l depreciation and on which assets $68,750. partial period depreciation. (LO 1, 2) AP Asset Residual Value Useful Life in Years Depreciation Miethod Building Equipment $25,000 60 Straight-line Double diminishing-balance 5,000 Instructions a) Allocate the purchase cost of the land, building, and equipment to each of the assets. b) ChalkBoard has a December 31 fiscal year end and is trying to decide how to calculate depreciation for assets purchased during the year. Calculate depreciation expense for the building and equipment for 2016 and 2017 assuming 1. depreciation is calculated to the nearest month. year's depreciation is recorded in the year of acquisition. in the year of acqulsition: recording depreciation to the nearest ch policy should month or recording a half year of depreciation? id Which NO IT EURTHER In the yearthe asset s purchased,should Chalk Bound record depreciation forthe exsct of days the asset is owned? Why or why not humber of